UK Royal Mail MD stands down
JERRY COPE, managing director of UK Royal Mail, unexpectedly left the postal company yesterday only months after the completion of an internal restructuring.
Mr Cope’s position had looked uncertain because of the number of senior executives at the head of the mail business, after Allen Leighton, the chairman, recruited Adam Crozier and Elmer Toime to the board.
A spokeswoman for Royal Mail said that Mr Cope had decided to stand down. “One of our priorities is to streamline the size and structure and costs of our mangement team,” she said.
Mr Cope had been with Royal Mail for 30 years and had been on the board since 1996. He will fall victim to Mr Leighton’s latest improvement to corporate governance at the company, which prevents directors from taking their pension early if they retire before the age of 60.
Royal Mail was last night unable to confirm what compensation Mr Cope will receive for loss of office. His final salary was Pounds 240,000 and he is expected to receive 12 months’ pay.
Royal Mail’s recently published report and accounts shows total remuneration for directors has increased more than two and a half times since last year, from Pounds 873,000 to Pounds 2.23 million. This is due to the appointment of executives from the commercial world, including Messrs Crozier and Toime, chief executive and deputy chairman respectively.
Both will be on a salary of Pounds 500,000 and are in line for bonuses and incentives.
(c) Times Newspapers Ltd, 2003
